Overall Sentiment:
Currently, there’s a positive GEX sentiment, suggesting an optimistic start to the week following Friday’s bounce. However, the key Call resistance appears at 600, and it may not break on the first attempt. If optimism remains strong, there’s a chance SPY 0.09%↑ could still push above that zone after some initial back-and-forth.
🟢Upside Levels:
600–605 Zone: This is a major resistance area. Should SPY move decisively through 600/605, the next potential target could be 610.
610: This is currently the largest positive GEX zone for the week. Current option pricing suggests only about a 9% chance of closing at or above 610 by Friday, so it might require a particularly strong move to break through.
🔵 Transition Zone: Roughly 592–599. The gamma flip level is near 592, and staying above that keeps the market in a positive gamma range for now.
🔴 Downside Risk:
If 592 Fails (or HVL climbing up during the week, and after that HVL fails…): A drop could accelerate toward 585, which may act as the first take-profit zone for bears. Below that, 580 could be in play if selling intensifies.
Lower Support: 575 is the last strong support mentioned, but current option probabilities suggest about an 88% chance of finishing above that level, making a move below 575 less likely—though still possible given the higher put skew.
🟣Volatility & Skew:
IVR (Implied Volatility Rank) is quite high on SPY, with a notable put pricing skew (around 173.1%).
This heightened put skew indicates the market is pricing in faster, more volatile downward moves compared to upside.
Currently, there’s a positive GEX sentiment, suggesting an optimistic start to the week following Friday’s bounce. However, the key Call resistance appears at 600, and it may not break on the first attempt. If optimism remains strong, there’s a chance SPY 0.09%↑ could still push above that zone after some initial back-and-forth.
🟢Upside Levels:
600–605 Zone: This is a major resistance area. Should SPY move decisively through 600/605, the next potential target could be 610.
610: This is currently the largest positive GEX zone for the week. Current option pricing suggests only about a 9% chance of closing at or above 610 by Friday, so it might require a particularly strong move to break through.
🔵 Transition Zone: Roughly 592–599. The gamma flip level is near 592, and staying above that keeps the market in a positive gamma range for now.
🔴 Downside Risk:
If 592 Fails (or HVL climbing up during the week, and after that HVL fails…): A drop could accelerate toward 585, which may act as the first take-profit zone for bears. Below that, 580 could be in play if selling intensifies.
Lower Support: 575 is the last strong support mentioned, but current option probabilities suggest about an 88% chance of finishing above that level, making a move below 575 less likely—though still possible given the higher put skew.
🟣Volatility & Skew:
IVR (Implied Volatility Rank) is quite high on SPY, with a notable put pricing skew (around 173.1%).
This heightened put skew indicates the market is pricing in faster, more volatile downward moves compared to upside.
Trade active
Bounced exactly at the lowest known weekly put support level!
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✔ IVRank ✔ CALL/PUT skew ✔ Volatility Skew ✔ Delta curves
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REAL Options metrics for over 165+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ IVRank ✔ CALL/PUT skew ✔ Volatility Skew ✔ Delta curves
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Boost up your charts with Options PRO!
REAL Options metrics for over 165+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ IVRank ✔ CALL/PUT skew ✔ Volatility Skew ✔ Delta curves
👉 7-day TRIAL 🌐 TanukiTrade.com
REAL Options metrics for over 165+ liquid US symbols:
✔ 𝗔𝘂𝘁𝗼-𝗨𝗽𝗱𝗮𝘁𝗶𝗻𝗴 𝗚𝗘𝗫 𝗹𝗲𝘃𝗲𝗹𝘀
✔ IVRank ✔ CALL/PUT skew ✔ Volatility Skew ✔ Delta curves
👉 7-day TRIAL 🌐 TanukiTrade.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.